UK Prime Minister (PM) Boris Johnson has been back in the spotlight this week, as he has made it clear to the EU that the Northern Irish Backstop needs to be scrapped if the EU want a deal with the UK. Yesterday, the PM met German Chancellor Angela Merkel, and the Chancellor has told Boris to come up with an alternative in the next 30 days and she would be prepared to listen. The only problem is that the UK has had two years to come up with an alternative and has failed.
Today, Mr. Johnson will be meeting French President Emmanuel Macron in Paris to discuss the ongoing Brexit saga. Reports are suggesting that the French President will not be as accommodating as his German friend and will tell Boris that the Northern Irish backstop is not up for negotiation. It could be a challenging 24 hours for the British Prime Minister.
For clients that are buying Euros short term, there has been a spike in the market over the last two weeks. Mid-market exchange rates have improved by just under three cents, which is good news for Euro buyers. However, the improvements could be short-lived, as MPs are set to return to the House of Commons in less than two weeks.
When MPs return, the Leader of The Opposition, Labour’s Jeremy Corbyn, is set to file a motion of ‘No Confidence’ against Boris Johnson and reports are suggesting that some rebel remain Tory MPs could back Mr. Corbyn. If this was to materialise, this would put major pressure on an already fragile government and could force a general election.
If you are converting Pounds into Euros or Euros into Pounds in the upcoming months, feel free to email me with the reason for your transfer (company goods, property purchase) and the timescales you’re working to. I will respond with the options available to you, my email address is email@example.com. Alternatively, if you would like to discuss your requirements over the phone, please call 01494 787478 and ask to be put through to Dayle Littlejohn.
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